Wall Street legend cost-conscious to the very end

Carnation

He wanted a cheap casket.

Before Alan C. 'Ace' Greenberg died last week at 86, the former Bear Stearns chairman and chief executive officer offered his family a few pointers for his own memorial.

Bloomberg News reports that he told his wife Kathryn in a letter that it should include a magician breaking a magic wand, which was how Tuesday’s service opened. He wanted it held in New York’s Temple Emanu-El on Fifth Avenue because it 'should be big enough'. Among almost 2,000 mourners were his former colleague Alan Schwartz and real estate developers William C. Rudin and Donald Trump.

Greenberg’s family, however, didn’t follow all of his wishes.

'Spending money on an expensive casket is a waste of money', he wrote in the letter, which his son Ted read aloud. 'If you can’t find one cheap enough, let me know. I will build one in my workshop in the Hamptons'.

Ace Greenberg's famous Bear Stearns 'Paper Clip' memo

The son apologized for the family’s choice of 'a very tasteful finished nutmeg'.

He did get, however, his wish for eulogies from best friend John Rosenwald and Ronald B. Sobel, senior rabbi emeritus.

To access the complete Bloomberg News article hit the link below:

Greenberg Gets Magic Wand as Wish for Cheap Casket Denied

Bank Slowdown on Mortgage Aid Puts Borrowers at Risk, Audit Says

Bank Workers CharityBank Workers Charity - Supporting bank workers

Register for Financial Markets News Alerts